Lowe's 2014 Annual Report Download - page 87
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Exhibit 12.1
Lowe's Companies, Inc.
Statement Re Computation of Ratio of Earnings to Fixed Charges
In Millions, Except Ratio Data
Fiscal Years Ended On
January 28,
2011
February 3,
2012
February 1,
2013
January 31,
2014
January 30,
2015
Earnings:
Earnings Before Income Taxes $ 3,228
$ 2,906
$ 3,137
$ 3,673 $ 4,276
Fixed Charges 486
524
605 623
677
Capitalized Interest 1 (4 )
—
6
8
9
Adjusted Earnings $ 3,710
$ 3,430
$ 3,748
$ 4,304
$ 4,962
Fixed Charges:
Interest Expense 2 352
385
463 478
525
Rental Expense 3 134
139
142 145
152
Total Fixed Charges $ 486
$ 524
$ 605
$ 623 $ 677
Ratio of Earnings to Fixed Charges 7.6
6.5
6.2 6.9
7.3
1 Includes the net of subtractions for interest capitalized and additions for amortization of previously-capitalized interest.
2 Interest accrued on uncertain tax positions is excluded from Interest Expense in the computation of Fixed Charges.
3 The portion of rental expense that is representative of the interest factor in these rentals.
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